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Wednesday, September 18, 2024  
13 Rabi ul Awal 1446  

China to gradually increase retirement age over next 15 years

Retirement age for men will increase from 60 to 63
Reuters/File
Reuters/File

China’s top legislature has announced a decision to gradually raise the statutory retirement age over the next 15 years, starting in 2025.

According to Xinhua, the retirement age for men will increase from 60 to 63, while for women in leadership roles, it will rise from 55 to 58, and for female blue-collar workers, from 50 to 55.

This decision, made during the 11th session of the Standing Committee of the 14th National People’s Congress, marks the first adjustment to retirement age regulations since the 1950s.

The plan was developed after a thorough assessment of various factors, including average life expectancy, health conditions, population demographics, education levels, and workforce availability in China. Experts believe the new policy aligns with both national conditions and international practices.

Experts have indicated that China’s recent adjustments to the retirement age and pension system are in line with domestic demographic shifts and international practices, aimed at addressing the challenges posed by an aging population.

Beginning in 2030, the minimum requirement for basic pension contributions to qualify for monthly benefits will gradually increase from 15 years to 20 years, with a six-month increment each year.

Workers will have the option to retire voluntarily up to three years earlier than the new minimum contribution requirement; however, early retirement will not be permitted before the previous statutory retirement age.

Additionally, individuals will have the flexibility to postpone their retirement even further by up to three years if they reach an agreement with their employers. These reforms reflect a strategic effort to adapt to changing workforce dynamics and support sustainable pension systems in the country.

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